China Daily looks at the ways China’s universities are tapping into the wealthiest market by offering training courses for children of the elite:
According to the Hurun China Rich List, there are more than 825,000 people in China with a personal wealth of more than 10 million yuan, and 51,000 tycoons with at least 100 million yuan in the bank. How to make youngsters fill the shoes of their successful parents is the question on the lips of many resourceful universities.
Peking University and Tsinghua University in Beijing, as well as Fudan University in Shanghai, are just a few examples of those which have tapped the market by offering training classes to the sons and daughters of the rich.
The phenomenon first appeared in a university in Zhejiang province, an area where most of China’s entrepreneurs originate. The number of such courses at famous universities has since climbed to roughly 10 across China, with tuition fees, for courses of varying length, ranging between 10,000 and 300,000 yuan.
The most expensive course is offered at Jinbailing Education, a consultancy in Wuxi city, Jiangsu province. The tuition fee is 668,000 yuan for a two-year program and covers a range of topics from accounting to golf. According to reports from Yangzi Evening News in April, at least 10 rich second-generation members have already applied.